Former New York Police officer is sentenced for reading bank robbery, reports FBI.

The government released the full results of their bank "stress tests" today, some of which have been leaked gradually. The results indicate that of the 19 largest banks, 10 will require additional capital in the event of a deepening of the recession, for a total of $75 billion.

Today, May 7th, is D-Day for America's largest banks. The Obama administration will release, after the close of Wall Street, the bank stress test results to gauge their stability. There have already been leaks about the bank stress test results, however, though the actual results have not been released.

In today's monetary policy meeting the European Central Bank cut the benchmark interest rates lowering it to 1 percent. Analysts were thinking that ECB will cut the interest rates somewhere in the range of .25 to .50 bases points. EU Central Bank decided to cut the interest rates by a quarter percentage point to help to improve the continental Europe's recession.

As the bank stress test results continue to be leaked slowly, the news out today increases the total number of banks that reportedly need capital to 10 out of the 19. Since bank stocks absolutely ripped on the incredibly bullish news yesterday that 4 banks may need capital, the S&P is bound to hit 1450 today.

Bank of New York, US Bancorp and State Street reported disappointing results, adding further pressure to bank stocks in pre-market trading.

The Australian Bankers’ Association (ABA) yesterday said that the current debate over bank interest margins and bank funding costs is missing much needed balance and accuracy.

FDIC creates a Deposit Insurance National Bank to facilitate the resolution of New Frontier Bank, Greeley, Colorado. Bank of the West to provide remporary operational management.

Cape Fear Bank is closed today ending its operations. According to Bloomberg Cape Fear Bank is the 22nd bank in USA that was shot down in 2009.

The Wall Street responded very positively to Obama Geithner's bank rescue plan and Dow Jones Industrial Average jumped 497 points ending the day at 7,775.86.

Here is the Sample Investment plan that the U.S. Treasury has unveild as to how it will invest under the Legacy Securities Program of the Public Private Partnership Program that Treasury's Tim Geithner unveiled this morning.

The information released in the US Treasury's Public Private Partnership program says the goal of the program is to restart the market for legacy securities, allowing banks and other financial institutions to free up capital and stimulate the extension of new credit.